Saudi Arabian investment firm Al Gihaz has, through its Al Gihaz Contracting unit, acquired UK-based subsea intervention services player Enshore Subsea.
The acquisition will see the creation of a new seabed intervention and construction management services joint venture.
Sami Alangari, Al Gihaz vice chairman, stated: “With this acquisition, Enshore Subsea will benefit from the technical and financial expertise of Al Gihaz Contracting, which for many years has been a leading power and manufacturing services provider locally and internationally. We will be able to provide competitive, resilient and diverse services to cover projects globally, and in the Kingdom of Saudi Arabia. This investment is in line with the Vision 2030 of the Kingdom and will pave the way for a strong involvement of the Group in this field.”
Enshore Subsea will be based out of the existing operational facility in the UK’s Port of Blyth, keeping the existing management and operational teams.
Pierre Boyde, managing director of Enshore Subsea, added: “I am delighted that through this cooperation with Al Gihaz, we are able to take the company forward with a sustainable cost base, renewed energy and focus on our areas of expertise. We aim to be the contractor’s contractor of choice, supporting seabed intervention projects worldwide.”
Enshore Subsea was DeepOcean’s trenching division, which the parent company wound down, along with its UK cable lay unit in January this year.